A long-expected correction in Canada’s key real estate markets is under way, economists say. Monthly home prices have dropped for the first time since October 2010, the Teranet National Bank Composite House Price Index indicated Wednesday.
The price index, which dropped 0.1 per cent nationally between July and August on a seasonally adjusted basis, is expected to decline between five and 10 per cent between now and the end of 2013, said National Bank senior economist Marc Pinsonneault. Month-over-month prices were up 0.1 per cent in Toronto, Montreal and Calgary, while declining 0.9 per cent in Vancouver..............................................Full Article: Source